Pitcairn Co. Reduces Position in ServiceNow, Inc. (NYSE:NOW)

Pitcairn Co. decreased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 15.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 12,857 shares of the information technology services provider’s stock after selling 2,315 shares during the quarter. ServiceNow accounts for 0.7% of Pitcairn Co.’s portfolio, making the stock its 20th largest position. Pitcairn Co.’s holdings in ServiceNow were worth $11,499,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of NOW. Quent Capital LLC increased its position in ServiceNow by 4.1% during the first quarter. Quent Capital LLC now owns 770 shares of the information technology services provider’s stock worth $587,000 after buying an additional 30 shares in the last quarter. Edgestream Partners L.P. purchased a new position in ServiceNow during the first quarter worth $210,000. EntryPoint Capital LLC increased its position in ServiceNow by 3,900.0% during the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after buying an additional 39 shares in the last quarter. CreativeOne Wealth LLC grew its position in shares of ServiceNow by 81.8% in the first quarter. CreativeOne Wealth LLC now owns 640 shares of the information technology services provider’s stock valued at $488,000 after purchasing an additional 288 shares during the period. Finally, Westwood Holdings Group Inc. purchased a new stake in shares of ServiceNow in the first quarter valued at $271,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Up 1.3 %

NYSE:NOW opened at $1,060.57 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a market cap of $218.48 billion, a price-to-earnings ratio of 164.94, a price-to-earnings-growth ratio of 6.01 and a beta of 0.98. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,064.59. The business’s 50-day simple moving average is $948.53 and its 200 day simple moving average is $834.64.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating the consensus estimate of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business’s revenue was up 22.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.21 earnings per share. As a group, sell-side analysts predict that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NOW. Scotiabank began coverage on ServiceNow in a research report on Tuesday. They issued a “sector outperform” rating and a $1,230.00 price objective for the company. Truist Financial lifted their price objective on ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. KeyCorp lifted their price objective on ServiceNow from $1,020.00 to $1,040.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. lifted their price objective on ServiceNow from $820.00 to $950.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Finally, Stifel Nicolaus lifted their target price on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $986.39.

Insider Activity

In other news, insider Nicholas Tzitzon sold 1,857 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,027,502.32. The trade was a 33.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 66 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total value of $69,187.14. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,173,173.83. This represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,644 shares of company stock valued at $19,381,744. 0.25% of the stock is currently owned by insiders.

ServiceNow Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.